Revolut Applies for Full Banking License in Peru in Latin America Push
Revolut has utilized for a full banking license in Peru because it steps up its growth throughout Latin America, according to a report by Bloomberg.
Key Takeaways:
- Revolut is making use of for a banking license in Peru to broaden its regulated footprint in Latin America.
- The firm is concentrating on remittances in a extremely concentrated banking market dominated by incumbents.
- Growing crypto and stablecoin adoption is reinforcing Revolut’s regional technique.
If authorised, the transfer would permit the London-based digital financial institution to function as a totally regulated lender in the nation, including Peru to a rising regional footprint that already consists of Mexico, Colombia, Argentina and Brazil.
The firm stated the license would allow it to roll out localized banking merchandise and compete immediately with Peru’s incumbent banks fairly than newer fintech challengers.
Revolut Targets Peru’s Concentrated Banking Market With Remittance Push
Peru’s monetary system is very concentrated, with the 4 largest banks accounting for roughly 82% of complete loans, primarily based on information from the nationwide banking regulator SBS.
Revolut Peru CEO Julien Labrot stated the corporate sees a possibility to extend competitors and enhance entry to monetary companies, notably for underserved customers.
Remittances are anticipated to play a central position in the technique, with Labrot noting that round a million individuals in Peru depend on cash despatched from overseas.
According to the World Bank, private remittances to Peru reached $4.93 billion in 2024.
The license utility comes as Revolut continues to scale its broader platform, together with its crypto and digital asset companies.
Founded in 2015, the neobank reported a document yr in April 2025, with 2024 internet revenue rising 130% to 790 million kilos ($1.06 billion), pushed by buyer development and a rebound in cryptocurrency buying and selling.
In October 2025, Revolut introduced 1:1 U.S. dollar conversions for stablecoins, permitting customers to alternate {dollars} immediately into USDC and USDT.
Revolut’s push displays a wider development amongst fintech companies in Latin America transferring deeper into crypto and stablecoin-based companies.
Mercado Libre launched a dollar-pegged stablecoin in Brazil in 2024, whereas Nubank is developing stablecoin funds linked to its credit score merchandise.
A report from Chainalysis reveals the area generated practically $1.5 trillion in crypto transaction quantity between July 2022 and June 2025, exhibiting why world gamers like Revolut are accelerating their Latin America ambitions.
Stablecoin Payments on Revolut Surge as Everyday Use Gains Momentum
As reported, stablecoin utilization on Revolut accelerated sharply in 2025, with fee volumes estimated to have jumped 156% yr over yr to about $10.5 billion.
While Revolut has not revealed official figures, onchain information suggests stablecoins practically doubled their share of complete funds on the platform in contrast with 2024, pointing to rising adoption past buying and selling and transfers.
Blockchain information compiled through Dune Analytics reveals that development was regular all year long fairly than pushed by short-term spikes.
Much of the exercise got here from routine transactions, with transfers between $100 and $500 accounting for roughly 30% to 40% of stablecoin funds, indicating that customers are more and more counting on digital {dollars} for on a regular basis spending.
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